I will be presenting motivational messages from time to time to my agents in our Tuesday morning office meetings.

I ran across John Maxwell's Five Steps to success (He may call it something different).  I will be sharing this with my agents this week: Steps to Success

Read more: 5 Steps to Success...

As I mentioned here on sellidaho.com, in "6 Easy Steps to Selling Your Home", there are six key factors and efforts you must make to get your Idaho home sold quickly and for top dollar.

Now... With as many homes that are on the market in Idaho, buyers have options; lots of options!  There are more "deals" out there than ever before on Idaho Real Estate!  With Idaho Short Sales and Idaho Foreclosures on the rise, it's imperative that you do two things right:

Read more: 2 Things You Gotta Do to Sell Your House!

Idaho Short Sale - What IRS Form do I use for forgiven debt?

Many Idaho home sellers were able to avoid foreclosure by going through the short sale process.

Often times, the short sale lender will issue the home seller a 1099-c form.  This information must be reported on your annual income tax return.

For most home owners who short sold their primary residence, this forgiven debt may be non-taxable. It is important to consult your tax professional or attorney for taxation issues.

The Debt Forgiveness Act of 2007 offers forgiveness of income tax for forgiven debt to most home owners. This Act was extended through the end of 2012. Though most home sellers may not have to pay taxes on the foregiven debt, there are exceptions.

 

Read more: Which IRS Form do I use for my 1099-c?

Here is an article talking about the Baby Boomer Generation and their anticipated real estate needs as they approach retirement.  This is the largest generation in America and they are reaching retirement age rapidly!  This survey was conducted on those born from 1946 to 1964.   I'm just on the tail-end of this generation, so I guess I'll read on to see what my needs might be.  I hope you enjoy this article found in the Realtor Magazine.

Read more: Boomers Pave Their Own Road to Retirement

If you are an Idaho real estate seller, don't kick yourself too hard for not putting your house on the market a couple years ago. If you have held off for this long, hopefully you can make it through the turn, wherever that might be.

For Ada County average home prices, the drop has been significant, a whopping 25% down from this time 2 years ago (August 2010).  For Canyon County home prices, however, the drop has been astounding! The average sales price of a single-family residence dropped 33% in the same 2 year period!

Take a look...

Read more: A 24 Month Glance at Treasure Valley Home Prices

As a buyer, you are entitled to know exactly what you are getting. Don't take for granted what you see and what the seller or the listing agent tells you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition.

Beforehand, make sure the report will be done by a professional organization, such as a local trade organization or a national trade organization such as ASHI (American Society of Home Inspection).

Read more: Importance of Inspection

As a seller, the home inspection report protects you because it establishes the actual condition of the property at the time of sale.

A home inspection usually covers the following:

  • Plumbing conditions - if there is leakage or clogging
  • Roofing conditions - the extent of deterioration, if there is leakage
  • Electrical conditions - if there are inadequate circuits or potential fire hazards
  • Read more: Insist on a Home Inspection

    Title Insurance: As a homebuyer, the term is probably familiar -- but is it understood? What is your dollar actually paying for when you purchase a title policy?

    Title Insurers, unlike property or casualty insurance companies, operate under the theory of risk elimination. Title companies spend a high percentage of their operating income each year collecting, storing, maintaining and analyzing official records for information that affects title to real property. Their technical experts are trained to identify the rights others may have in your property, such as recorded liens, legal actions, disputed interests, rights of way or other encumbrances on your title. Before closing your transaction, the title company will proceed to "clear" those encumbrances which you do not wish to assume.

    Read more: Title Insurance - Where Does Your Dollar Go?